compliance technology

The pillars of regulatory compliance: Why you need a compliance technology solution

Rome wasn’t built in a day, and likely neither was your compliance program (or the compliance technology backing it). But even when you think you’ve perfected your program, the work isn’t done. Why? New regulations and risks creating new demands on your team and your compliance program. Because let’s face it, it can be challenging to keep up with the ever-changing world of compliance.

With that in mind, we’re beginning a new blog series, “the pillars of regulatory compliance,” in which we’ll cover aspects of compliance that you should consider when building (or expanding) your firm’s compliance program.

Today, we’re focusing on regulatory compliance technology.

The problem with not having the right compliance technology solution in place

At smaller financial firms, usually those under 30 employees, your investment advisers have to take a lot of responsibilities. Do you know how the investment advisers at your firm spend their week? Sure, you know they handle a multitude of responsibilities, but you might be shocked to know how many hours they spend completing their tasks.

Total time: 46 hours.

Yet, despite their limited time, many investment advisers find themselves concerned with (and overburdened by) the compliance and administrative tasks of their firms. Even when these smaller firms do have a chief compliance officer, the chief compliance officer may be wearing multiple hats to compensate for the smaller number of employees. The chief compliance officer may not be managing the firm’s compliance program in the most effective way. Many firms are still using manual processes to manage their compliance programs. This isn’t recommended because these processes are:

  • Time consuming.
  • Prone to human error.
  • Inefficient.

The good news? There’s a better way to manage your firm’s compliance program – compliance technology solutions.

What is Compliance technology – leverage regulatory compliance solutions at your firm

Your regulatory compliance program demands accuracy, effectiveness and efficiency to properly mitigate risk and comply with relevant regulations. Doing so, however, can be challenging given the complexity and rapid-fire pace of the changing regulatory landscape.

Regulatory compliance technology is a software or platform which is designed to help you seamlessly manage your firm’s compliance program. Because you work hard, you deserve a compliance solution that’s as accurate and seamless as you are. One you can depend on.

Here’s how technology can bring your compliance program to the next level:

  1. Get a 360-degree view of your compliance program so you aren’t caught off guard.

Regulatory compliance technology aggregates your firm’s data, enabling you to gain insights into your firm’s operations so you can best determine what processes are working and which ones need to be revised.

2. Streamline your team’s workflow processes and track certification and training.

Compliance technology which streamlines your team’s workflow processes lessens the chance of human error and allows you to identify potential gaps and red flags before they become an issue. Plus, with an automated follow-up workflow, you avoid the time-consuming task of tracking down employees who haven’t completed their compliance tasks.

3. Mobilize your compliance program.

Your life is mobile, your compliance program should be too. With a mobile-first, regulatory compliance technology solution, you have access to the most time-sensitive workflows, which allows you to respond to emergencies anytime, anywhere.

At ComplySci, we offer compliance technology solutions that allow you to prevent, monitor, identify and quickly respond to compliance violations. Think we might be perfect for you? Schedule a demo today!